MeritValue

MACROGENICS INC

MGNXdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

MACROGENICS INC earns about -73% on equity, but has diluted owners by 5% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$77.4M1$151.9M2$58.7M3$150M3$149.5M3
Net income−$202.1M4−$119.8M5−$9.06M6−$67M6−$74.6M6
Operating cash flow−$143.8M7−$87M8−$78.2M9−$68.4M9−$81M9
Capital expenditure$6.2M10$3.62M11$1.76M12$3.71M12$1.91M12
Free cash flow (derived)−$150M7−$90.6M8−$80M9−$72.1M9−$83M9
Total debt—————
Cash & equivalents$123.5M13$108.9M14$101M15$182.8M16$57.2M16
Diluted shares59.9M61.4M61.9M62.6M63.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$8.8
your share of equity
Profit it earned you last year
−$11.82
Free cash flow it threw off
−$13.13
Debt you’d be carrying
—

10 shares is a claim on $8.8 of net worth that earned you −$11.82 and generated −$13.13 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-73% avg · 5y
FY21 -84%FY22 -84%FY23 -6%FY24 -58%FY25 -134%

It earned an average -73% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001125345-24-000060 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001125345-25-000042 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001125345-26-000017 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001125345-24-000060 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001125345-25-000042 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001125345-26-000017 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001125345-24-000060 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001125345-25-000042 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001125345-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001125345-24-000060 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001125345-25-000042 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001125345-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001125345-23-000059 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001125345-24-000060 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001125345-25-000042 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001125345-26-000017 (CashAndCashEquivalentsAtCarryingValue)